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Mississippi Statutes, Title 31

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Title 31, Public Business, Bonds and Obligations

18 chapters · 334 sections in this title.

All chapters in Title 31334 Ch 7, Public Purchases63 Ch 17, State Bonds; Retirement of Bonds58 Ch 25, Mississippi Development Bank Act33 Ch 31, Mississippi Telecommunications Confe…21 Ch 5, Public Works Contracts20 Ch 19, Public Debts15 Ch 1, General Provisions Relative to Publi…14 Ch 3, State Board of Public Contractors14 Ch 15, Refunding Bonds14 Ch 29, Institute for Technology Development14 Ch 27, Mississippi Bond Refinancing Act13 Ch 18, Variable Rate Debt Instruments12 Ch 11, State Construction Projects11 Ch 23, Mississippi Private Activity Bonds A…10

334 sections·Filtered byTitle 31✕

Miss. Code Ann. § 31-23-65 Carry-forward projects; allocation
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(1) The board may promulgate such rules and procedures as may be necessary in order to implement the provisions of the federal legislation and any regulations promulgated pursuant to the federal legislation for carry-forward projects. Bonds for carry-forward projects may be issue…
Miss. Code Ann. § 31-23-67 Timeliness of statements accompanying applications; record of allocations; notices
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(a) The following provisions shall apply to the system:(a) Any written statements or opinions of bond counsel and legal counsel and the commitment from a lender, financial institution, underwriter or investment banker accompanying any applications shall be dated no more than thir…
Miss. Code Ann. § 31-23-69 Effect of changes in federal tax laws
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In the event that interest on exempt small issue bonds and/or mortgage revenue bonds is no longer excludable from federal income tax under federal law the provisions of this act with respect to exempt small issue bonds and/or mortgage revenue bonds, as applicable, thereafter shal…
Miss. Code Ann. § 31-25-1 Short title
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This act may be referred to and cited as the “Mississippi Development Bank Act.”

Miss. Code Ann. § 31-25-11 Quorum for conducting business; per diem compensation; expenses

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A majority of the voting members of the board then in office shall constitute a quorum for the purpose of conducting business and exercising its powers. Action may be taken and motions and resolutions adopted by the board upon the affirmative vote of a majority of its members pre…

Miss. Code Ann. § 31-25-15 Disclosure of contractual interest

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Any member, officer or employee of the bank who is interested either directly or indirectly, or who is an officer or employee of, or has an ownership interest in any firm or agency interested, directly or indirectly, in any contract with the bank, shall disclose this interest to …

Miss. Code Ann. § 31-25-17 Acceptance of membership on bank; nonforfeiture of office or employment

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Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the bank or his services as such member.

Miss. Code Ann. § 31-25-19 Powers and duties of Bank

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(1) In addition to the other powers granted to the bank under this act, the bank shall have the power:(a) To sue and be sued in its own name;(b) To have an official seal and to alter the same at pleasure;(c) To maintain an office at such place or places within this state as it ma…

Miss. Code Ann. § 31-25-20 Power of bank to loan money to local governmental unit

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(a) In addition to the other powers granted to the bank under this section, the bank shall have the powers:(a) To make, enter into and enforce all contracts or agreements necessary, convenient or pertaining to any loan to a local governmental unit under this section;(b) To loan m…

Miss. Code Ann. § 31-25-21 Power of bank to loan money to local governmental unit

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(a) The bank is hereby granted, has and may exercise the power to borrow money and issue its bonds in such principal amounts as it shall deem necessary to provide funds to accomplish a public purpose or purposes of the state provided for under this chapter, including:(a) The maki…

Miss. Code Ann. § 31-25-23 Loans to local governmental units; purchase or sale of municipal securities

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(a) The bank is hereby granted, has and may exercise, the following powers:(a) To make loans to local governmental units by the purchase and holding of municipal securities in such form (including fully remarketable form), at such prices, in such manner, on such terms and conditi…

Miss. Code Ann. § 31-25-25 Prohibited transactions

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(a) Under this act the bank may not:(a) Make loans of money to any person, firm or corporation or purchase securities issued by any person, firm or corporation other than a local governmental unit for investment;(b) Emit bills of credit, or accept deposits of money for time or de…

Miss. Code Ann. § 31-25-27 Powers of local governmental units to contract with bank; issuance of securities; pledges for repayment; personal liability of local governmental officials; validation of securities; waiver of defenses; fraudulent acts; agreements with regard to powers of State Tax Commission; certain local governmental units required to make certifications to Mississippi Development Bank before issuance of bonds; local governmental units authorized to borrow money from any United States government loan guarantee program

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(1) Each local governmental unit is hereby authorized and empowered to contract with the bank with respect to the bank’s purchase of such local governmental unit’s securities and such contract shall contain such terms and conditions as may be prescribed by the bank. Each local go…

Miss. Code Ann. § 31-25-28 Purpose for which loan may be made

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(1) Local governmental units may borrow money or receive grants from the bank for any of the purposes set forth in this section or Section 31-25-20(g) and pay to the bank such fees and charges for services as the bank may prescribe. Whenever any such loan is made to a local gover…

Miss. Code Ann. § 31-25-29 Intergovernmental cooperation

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(1) The bank may obtain the aid and cooperation of the local governmental units, including those not being assisted by the bank through the purchase of the municipal securities thereof, and the bank and such local governmental units shall have the power to enter into such agreeme…

Miss. Code Ann. § 31-25-3 Legislative intent; construction

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It is hereby determined and declared to be the policy of the state that, for the benefit of the people of the State of Mississippi, it is essential to foster and promote by all reasonable means the provision of adequate access to capital markets and facilities for borrowing money…

Miss. Code Ann. § 31-25-31 Bonds issued by Bank as general or special obligations of Bank; issuance of bonds as affecting State’s obligation to levy or collect taxes or assessments; liability of State for payment of principal or interest

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(1) Except as otherwise provided in subsection (2) of this section, bonds issued by the bank under this chapter shall be general obligations of the bank or, if the resolution of the board authorizing their issuance shall so provide, shall be special obligations thereof payable so…

Miss. Code Ann. § 31-25-33 Exemption from taxation

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As set forth in the declaration of finding and purpose herein, the bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this act, and the bonds of the bank issued pursuant to this act, and the income therefrom including any…

Miss. Code Ann. § 31-25-35 Report; audit of books and accounts

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(a) The bank shall submit to the Governor within ninety (90) days after the end of its fiscal year a complete and detailed report setting forth:(a) Its operations and accomplishments;(b) Its receipts and expenditures during such fiscal year;(c) Its assets, including an itemized l…

Miss. Code Ann. § 31-25-37 Issuance of bonds by bank for corporate purposes

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(1) The bank shall have the power, from time to time, to issue bonds for any of its corporate purposes, including without limitation to pay bonds, including the interest thereon, and whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether …

Miss. Code Ann. § 31-25-39 Resolution of Board authorizing or relating to issuance of bonds; contracts

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(a) In any resolution of the board of the bank authorizing, or relating to the issuance of any bonds, the board, in order to secure the payment of the bonds and in addition to its other powers, may covenant and contract with the holders of the bonds:(a) To pledge to any payment o…

Miss. Code Ann. § 31-25-41 Pledge of revenues or other moneys

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Any pledge of revenues or other moneys made by the bank shall be valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and thereafter received by the bank shall immediately be subject thereof or further act, and the lien of any such pled…

Miss. Code Ann. § 31-25-43 Establishment of funds or accounts

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The bank may establish such funds or accounts as may be, in its discretion, necessary or desirable to further the accomplishment of the purposes of the bank or to comply with the provisions of any agreement made by or any resolution of the bank.

Miss. Code Ann. § 31-25-45 Purchase of bonds by Bank

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The bank, subject to such agreements with bondholders as may then exist, shall have power out of any funds available therefor to purchase bonds of the bank, which shall thereupon be cancelled, at a price or prices as shall be determined by the bank.

Miss. Code Ann. § 31-25-47 Agreements or contracts for safekeeping of municipal bonds or other investments

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The bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the state as may be necessary, desirable or convenient in the opinion of the bank for rendering services to the bank in connection with the care, cu…

Miss. Code Ann. § 31-25-49 Reservation of State power

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The state does hereby pledge to and agree with the holders of any bonds issued by the bank under this act that the state will not limit or alter the rights hereby vested in the bank to fulfill the terms of any agreements made with the said holders thereof or in any way impair the…

Miss. Code Ann. § 31-25-5 Definitions

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(a) As used in this act, the following words and terms have the following meanings, unless a different meaning clearly appears from the context:(a) “Act” means this Mississippi Development Bank Act.(b) “Bank” means the Mississippi Development Bank created by this act.(c) “Board” …

Miss. Code Ann. § 31-25-51 Bonds of bank as legal investments; authorized investments by bank

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(1) The bonds of the bank shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, trust companies, savings banks and savings assoc…

Miss. Code Ann. § 31-25-53 Chapter provisions as cumulative

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Neither this act nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the bank might otherwise have under any laws of this state, and this act is cumulative to any such powers. This act does and shall be construed to provide …

Miss. Code Ann. § 31-25-55 Savings clause

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If any section, subsection, paragraph, sentence, clause or provision of this act shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid and effective and no other section, subdivision, paragra…

Miss. Code Ann. § 31-25-7 Mississippi Development Bank created

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There is hereby created an independent public body corporate and politic to be known as the Mississippi Development Bank. Such bank is created solely to accomplish the purposes of the state under this chapter and the exercise by the bank of the powers conferred by this act shall …

Miss. Code Ann. § 31-25-9 Bank’s powers vested in board

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The powers conferred upon the bank hereby are to be vested in the board.

Miss. Code Ann. § 31-25-101 Definitions

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(a) For the purposes of this article, the following words and phrases shall have the meaning ascribed in this section unless the context clearly indicates otherwise:(a) “Bank” means the Mississippi Development Bank created pursuant to Section 31-25-1 et seq., Mississippi Code of …

Miss. Code Ann. § 31-25-103 Deposits into revolving fund; agreements; security; pledge of payments; recordation; enforcement of interest; resolution

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(1) The commission acting through the department is hereby authorized, in connection with the issuance of bonds by the Mississippi Development Bank, to provide funds to deposit into the revolving fund and to enter into agreements pursuant to which such bonds shall be made payable…

Miss. Code Ann. § 31-25-105 Establishment of debt service reserve funds; disposition of moneys in funds; reserve requirements; appropriations for funds

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(1) In addition to any other funds it may establish, the Mississippi Development Bank may, by resolution, establish one or more special funds pursuant to this section, referred to herein as “debt service reserve funds,” and may pay into such debt service reserve funds:(a) Any mon…

Miss. Code Ann. § 31-25-107 Joint legislative committee

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There is hereby created, for the purposes of oversight and review, a joint legislative committee to be comprised of six (6) members, three (3) to be appointed by the Speaker of the House from the membership of the Mississippi House of Representatives, one (1) from each Supreme Co…

Miss. Code Ann. § 31-27-1 Short title

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This chapter shall be known and may be cited as the “Mississippi Bond Refinancing Act.”

Miss. Code Ann. § 31-27-11 Security for refunding bonds

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Refunding bonds may be secured by a pledge of: (a) the same source of security as the bonds to be refunded, or (b) such other security as the governing body of the governmental unit may lawfully pledge, or both; all as may be provided by resolution of the governing body of the go…

Miss. Code Ann. § 31-27-13 Amount of refunding bonds authorized to be issued

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The total amount of refunding bonds to be issued under this chapter shall be an amount sufficient to effect the refunding and may include an amount sufficient to pay (a) the principal amount of the refunded bonds, (b) interest accrued or to accrue to the date of maturity or the d…

Miss. Code Ann. § 31-27-15 Sale of refunding bonds and disposition of proceeds

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Refunding bonds may be sold and proceeds thereof may be applied to the payment of the bonds refunded or, as to such bonds as are not yet maturing, such proceeds may be deposited in escrow to be held until such time as the bonds to be refunded become available for payment by matur…

Miss. Code Ann. § 31-27-17 Refinancing of outstanding bonds by issuance of refunding bonds

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The governing body of a governmental unit may refinance outstanding bonds through the issuance of refunding bonds and the exchange of such refunding bonds for the bonds to be refunded. Any such refunding may be effected whether or not the bonds to be refunded shall have then matu…

Miss. Code Ann. § 31-27-19 Negotiability of refunding bonds

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All refunding bonds issued under this chapter shall be fully negotiable in accordance with their terms and shall be “securities” within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be nec…

Miss. Code Ann. § 31-27-21 Tax treatment

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All refunding bonds issued under this chapter, and all interest thereon and income therefrom, shall be exempt from taxation to the same extent that the refunded bonds are exempt from taxation.

Miss. Code Ann. § 31-27-23 Judicial validation and related procedures

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The refunding bonds authorized under authority of this chapter may, in the discretion of the governing body of the governmental unit, be validated in the chancery court of the county in which the governing body resides in the manner and with the force and effect provided now or h…

Miss. Code Ann. § 31-27-25 Savings clause

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If any one or more sections, clauses, sentences or parts of this chapter shall for any reason be questioned in any court and shall be adjudged unconstitutional or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this chapter, but shall be …

Miss. Code Ann. § 31-27-3 Definitions

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(a) The following terms whenever used or referred to in this chapter shall have the following meaning, unless a different meaning appears from the context:(a) “Bond” or “bonds” means every duly authorized, executed and delivered instrument evidencing an obligation incurred by a g…

Miss. Code Ann. § 31-27-5 Legislative intent; construction

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The purpose of this chapter is to provide full and complete authority to governmental units for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things by any governing body of any governmental …

Miss. Code Ann. § 31-27-7 Issuance of refunding bonds

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Refunding bonds shall be issued pursuant to an authorizing resolution of the governing body of a governmental unit. Refunding bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times (either serially or term or a combination thereof…

Miss. Code Ann. § 31-27-9 Escrow account; banking corporation as trustee for bondholders

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(a) The governing body of any governmental unit may, in addition to the other powers conferred, include provisions in any resolution authorizing the issuance of refunding bonds, which shall be a part of the contract with the holders of the refunding bonds, as to:(a) The establish…

Miss. Code Ann. § 31-29-1 Definitions

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As used in this chapter, “general obligation bonds” means bonds of the State of Mississippi, to the repayment of which, both as to principal and interest, the full faith, credit and taxing power of the State of Mississippi are irrevocably pledged until the principal and interest …